If you're decades away from retirement, the best way to ensure a decent standard of living during your golden years is to save and invest responsibly. With the right planning and a little luck, you'll be able to live comfortably and leave some money behind for the next generation. If you are closer to retirement, you may have fewer options, but there are still proactive steps you can take. If you're already in retirement, you have three options: reduce your expenses, find a new source of income or move to a lower cost of living environment.

Planning for a High Standard of Living in Retirement

Young workers should begin saving and investing right away, and then keep saving and investing until they are ready to trade in their work boots.

Choosing the right financing plan can be difficult, but there are some obvious steps you can take. If your employer offers retirement accounts, such as a 401(k), make sure to at least contribute enough to capture any matching funds. If you're young and relatively healthy, there are many lifetime insurance plans with tax-advantaged and protected income growth.

Social Security

Those closer to, or already in, retirement age should always plan for and take their Social Security payments. Don't rely on Social Security, but understand that it's a tool you can use. Learn more about the benefits, calculations and restrictions involved with Social Security.

Raising Your Standard of Living While in Retirement

There are only three ways to stretch your income further: spend less, earn more or move to where dollars are more valuable.

Look to move to states with lower taxes, cheaper property or less expensive groceries. If you're serious about moving somewhere low-cost, consider retiring abroad to havens such as Panama, Thailand or Costa Rica.

You can also take a part-time job. Some part-time jobs can include from-home freelance work, driving for Uber or tutoring.

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